Bitcoin Price Prediction: Bulls Eye $121K as Market Tests $116K Ceiling
Bitcoin (BTC/USD) is really starting to gain some momentum again, trading at about $113,885 after giving a little nod to the $115,978...
Quick overview
- Bitcoin is currently trading at approximately $113,885, showing signs of momentum as it approaches the $116,000 resistance level.
- The upcoming Trump-Xi summit on October 30 is creating optimism among investors, potentially impacting global liquidity and Bitcoin's price.
- Key technical levels to watch include immediate resistance at $116,000 and support zones at $109,700 and $104,400.
- A decisive breakout above $116K could signal a move towards $121K, while failure to hold above $112K may lead to a range-bound scenario.
Bitcoin (BTC/USD) is really starting to gain some momentum again, trading at about $113,885 after giving a little nod to the $115,978 resistance zone before backing off. This comes at a time when optimism is building ahead of the big meet-up between Trump and Xi on Oct 30. Investors are hoping to see some easing of trade tensions, which could pump up global liquidity and risk-taking, both of which are key factors in helping speculative assets like Bitcoin rise to the top.
At the moment, you’ve got the 50-EMA at $111,963 and the 200-EMA at $113,069 starting to meet up and form a critical inflection point. The price action, though, is showing long upper wicks and a flattening out RSI near 59, which tells us that buyers are still in the game, but momentum is starting to flag a bit. The whole setup looks like a potential lower-high formation, suggesting Bitcoin might be consolidating for a bit before deciding what to do next.
Bitcoin (BTC/USD) Key Technical Levels
- Immediate Resistance: We’re eyeing $116,000 as the next barrier
- Upside Targets: we’re looking at $121,000 and $126,000 as our first and second targets
- Support Zones: we’ve got $109,700 and $104,400 as key floors to watch
If Bitcoin can decisively blow above $116K – and if it’s got some real volume behind it to boot – then that could be the green light we need to start heading towards $121K – $126K – which, admittedly, is in line with the bigger picture trend we’ve seen since the start of October. But if we can’t hold above this level, we might see a pullback to $109,745, where the 50-EMA intersects with prior horizontal support.
The market structure remains positive, even though we’re seeing some short-term selling. Each time Bitcoin has dipped below $114K, we’ve seen strong support kick in, suggesting that buyers are still very much in the game.
A big bullish engulfing candle above $116K would really put some weight behind the bullish scenario – but if it breaks below $109K, then all bets are off and we could be looking at a range-bound situation between $112K and $116K – though it’s hard to see that lasting long given the longer term bias which is still pointing upwards.
Macro Catalyst Ahead
The upcoming Trump-Xi summit might be the next major driver for Bitcoin—and if we get a bit of tariff rollback or a trade relief announcement, liquidity and the dollar could both get hit—neither of which is a thing Bitcoin likes. Conversely, a stalemate could see us stuck in a range between $112K and $116K—though, personally, you’d have to think buyers would still be defending those key support levels.
Conclusion
With technicals tightening and macros aligning with our overall view, we still think Bitcoin is heading for $121K—provided it can hold above $112K, of course. Traders are keeping a close eye on a breakout above $116K as the signal to get ready for the next big leg higher.
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